CHINA TOWER(00788)2025-03-17 04:00Financial Performance - The company achieved operating revenue of RMB 97.77 billion for the year, representing a year-on-year growth of 4.0%[3] - Operating business revenue reached RMB 84.12 billion, an increase of 2.4% year-on-year, with tower business revenue at RMB 75.69 billion, growing by 0.9%[3] - EBITDA reached RMB 66.56 billion, reflecting a year-on-year increase of 4.7%, with an EBITDA margin of 68.1%[6] - Net profit attributable to shareholders was RMB 10.73 billion, up 10.0% year-on-year, resulting in a net profit margin of 11.0%[6] - The company generated a net cash flow from operating activities of RMB 49.47 billion, with free cash flow reaching RMB 17.53 billion, an increase of RMB 16.40 billion year-on-year[6] - The total operating revenue for the year ended December 31, 2024, was RMB 97,772 million, an increase of 2.9% from RMB 94,009 million in 2023[26] - Operating profit for the same period was RMB 16,330 million, up 12.6% from RMB 14,502 million in 2023[26] - The net profit attributable to shareholders for 2024 was RMB 10,729 million, representing a 10% increase compared to RMB 9,750 million in 2023[26] - The total comprehensive income for the year was RMB 10,727 million, compared to RMB 9,756 million in 2023, reflecting a growth of 9.9%[28] - The basic and diluted earnings per share for 2024 were RMB 0.6138, an increase from RMB 0.5578 in 2023[28] Assets and Liabilities - The total assets of the company amounted to RMB 332.83 billion, with interest-bearing liabilities of RMB 92.54 billion, leading to a net debt leverage ratio of 31.0%, a decrease of 0.4 percentage points from the previous year[6] - The company's total assets as of December 31, 2024, amounted to RMB 332,834 million, a slight increase from RMB 326,007 million in 2023[30] - The total liabilities decreased to RMB 132,855 million in 2024 from RMB 128,313 million in 2023[31] - The company maintained a healthy financial position with a net debt leverage ratio of 31.0%, a decrease of 0.4 percentage points from the previous year[90] Revenue Breakdown - The revenue from the three major telecommunications operators accounted for 86.69% of total revenue in 2024, down from 88.02% in 2023[38] - The revenue from tower business reached RMB 75,689 million in 2024, up from RMB 75,023 million in 2023, representing a growth of 0.9%[40] - The revenue from indoor distribution business increased by 18% to RMB 8,430 million in 2024, compared to RMB 7,140 million in 2023[40] - The revenue from smart connection business rose by 22% to RMB 8,911 million in 2024, up from RMB 7,283 million in 2023[40] - The energy business reported revenue of RMB 4.477 billion in 2024, a year-on-year increase of 6.2%, with the tower battery swap business generating RMB 2.500 billion, making up 55.8% of energy business revenue[16] Investments and R&D - The company increased its R&D investment and personnel by 40% and 60% respectively in 2024, with the number of patent applications and grants rising by 58% and 68% respectively compared to 2023[17] - The company plans to continue expanding its smart connection and energy businesses, focusing on technological advancements and market penetration strategies[46] Dividends and Shareholder Information - The company proposed a final dividend of RMB 0.30796 per share, resulting in a total dividend of RMB 0.41696 per share for the year, an increase of 11.5% compared to 2023[6] - The company will hold its annual general meeting on May 20, 2025, to discuss the proposed final dividend and other matters[103] - For H-share individual shareholders, a 20% withholding tax will be applied to dividends received through the Hong Kong Stock Connect[110] Corporate Governance - The board's composition includes 10 members, with three executive directors, four non-executive directors, and three independent non-executive directors, which is below the required one-third independent non-executive directors[95] - The company has complied with the corporate governance code and listing rules as of December 31, 2024, after recent board appointments[97] - The company received a waiver from the Hong Kong Stock Exchange regarding the appointment of independent non-executive directors, extending the deadline to September 30, 2024[96] Future Outlook - The company is focusing on enhancing its digital infrastructure services and expanding its market presence in line with national strategies for digitalization and carbon neutrality[5] - The company aims to enhance its core competitiveness and maintain a high-quality development pattern, focusing on the "one body, two wings" strategic layout[21] - The company is committed to promoting green energy applications, including photovoltaic power generation and energy storage systems, to fulfill its "dual carbon" responsibilities[19] - The company will continue to strengthen its technological innovation framework, focusing on key areas such as new generation mobile communication and artificial intelligence[22]